Atlanta-based Citizens Trust Bank, which owns the property at 731 Moreland Ave. said it is in negotiations with another interested party that wants the site.
"It was under contract, but for now that contract has been terminated," Chris T. Jones, a CTB vice president told East Atlanta Patch Monday.
"We are negotiating with another buyer on the property."
Jones said he does not know what this new interested party intends for the site, which sits between Ormewood and Hall avenues.
But in order for the deal to go through, it has to conform with local zoning ordinances.
"We want it to be something that can be done, otherwise we cant consummate the deal," Jones said, adding it could close by the end of this month.
Other suitors ranged from wanting to give a facelift to the Jiffy Grocery to wanting to use the Liberty building for corporate office space, he said.
CTB foreclosed on the property when owner Gobind L. Madan, an accountant who operated the Liberty Tax Service, failed to make payments.
Combined, the parcels form 0.94 acres and CTB has listed the property for $1.25 million.
The Jiffy Grocery — located at Moreland and Ormewood avenues — was at the center of a controversial plan to build a 24-hour QuikTrip to that intersection.